If you’re a first time buyer with bad credit you can still get a bad credit first mortgage. We’ve looked at a leading financial comparison site to find some of the best bad credit first mortgage products available to first time buyers. The bad credit first mortgage deals are available for a first time buyer with arrears. Bear in mind that deals can change quickly but this will give a guide to the kind of bad credit first mortgage that is available.
Within the mortgage market there are ample lenders who will look to lend to consumers who are themselves looking for bad credit first mortgage deals. One thing you must consider when trying to find bad credit first mortgage deals is the quality of the mortgage broker that you are using.
For starters, you may struggle finding a mortgage company willing to assist you as most mortgage lenders offering bad credit first mortgage deals are not usually based in the high streets of your local towns and cities. Therefore, you will need to use the services of a mortgage broker that has access to the whole of the market – which means in simple terms that the broker is not limited to a handful of mortgage lenders only but can offer you a selection of deals from a much wider variety of mortgage companies and specialised lenders.
First Mortgage For Bad Credit
bad credit first mortgage deals will come with slightly higher rates then a standard high street mortgage and potentially higher fees (your broker will inform you of this, if this is the case) The fees that you may be charged for bad credit first mortgage deals will be similar to those of regular mortgages and will / can include valuation fees, administration fees, arrangement fees, legal fees and a few others – These will all be documented and explained to you by your mortgage broker.
Some lenders will also be able to provide you with a decision in principle after having checked your credit file. Having this in place will allow you to obtain bad credit first mortgage deals and put you in a great position with the estate agent and seller of the house! Find out more about this by contacting one of our specialist brokers.
Have you been in this situation? You’re a first time buyer and busy searching and scouting around various estate agents to find suitable properties. Is every single estate agents pushing you to sit down with their mortgage adviser to discuss your finances? I bet they are! Well, did you know that there are some estate agents mortgage advisers out there who cant even offer bad credit first mortgage deals because they are limited by the amount of lenders that they can recommend
These types of mortgages are best found by professionals who can search the “‘whole of the market” for you and not just 5 or 6 lenders (it will also save you a lot of time searching for the right deal!) Contact us now to help you find the right deal.
* As per April 2007. ** Source: Trigold April 2007.